ARROW FINANCIAL CORP — Director's Dealing 2014

Jan 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-01-29

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-29	Common Stock	J	0	—	Acquired	39161	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-29	Director Stock Option (Right to Buy)	$25	A	1000	Acquired	2024-01-29	Common Stock (1000)	Direct

Footnotes

F1: The information provided reflects 39,161 shares acquired under the Company's DRIP that includes 16 additional shares acquired since November 26, 2013. None of these transactions were required to be reported on a Form 4 and this information is beingfurnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The option vests in four equal installments beginning January 29, 2015.